Information About Key Performance Indicators Dashboard Solutions
Investigating key performance indicators dashboard solutions? InetSoft offers performance management software for dashboards and scorecards that can be easily deployed and used. Read articles below about performance management topics and the features and benefits of InetSoft's KPI tools.
Hospitality Businesses Use Data Analytics - Easier data analytics has tremendous potential in the hospitality industry, but are you taking advantage of it already? If not, you better think about it soon because your competitors are probably using advanced data processing programs to create better offers for their clients. According to the report, the key benefits of implementing new technologies in the hospitality business include an increase in online revenue, reduction in guest complaints, and better customer service ratings. If data analytics can generate such impressive results, the only real question is how to make use of it and help your business flourish in the years to come. In this post, we will explain to you how to boost your hospitality business with data analytics in no time...
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How Best in Class Organizations Do CRM - We’re talking about how best in class organizations do CRM. You have got to follow, what I would like to call the “bounciang ball” because if somebody starts out on the Website, and then gets stuck and calls a Customer Service Center, you don’t want the Customer Service Center to say, “What's your name? And what are you looking for?” You want them to say, “Well, let me pick up from where you are on the Web site.” If the customer then goes into the store, as my wife often does, she starts on the Web site, calls the call center and then goes in to buy clothes for the kids. And she has to start the whole thing over. I want blue jeans with flannel inside, green for the daughter and red for the son. So she wants them to follow her bouncing ball, and that’s normal for particularly today's type of customer or digital client that really is demanding this type of service. So we have got to capture insights from each one of these opportunities. Okay, and just a bit of academia for a moment. Why bother, and what's the key concept to make this whole thing happen? Here is just a very interesting insight. So the way you make multi-channel work, and I find this still very interesting, is you have one unified knowledge base, and it has common content, and that content gets shared across the different channels...
How BI Becomes Performance Management - Something like performance management is fairly strategic. You need to have business support, but literally the ownership has to be by senior management. It’s not something that an individual in the bowels of an organization can start to implement. So much of business intelligence is about building a data warehouse and giving users a tool. That’s all well and good, and for InetSoft, that is a successful sale, and the enterprise might actually get some value right away. But the question is does it really move the business forward? What are the users looking at? Maybe we’ll give them a dashboard. What should be in the dashboard? I don’t know, whatever the users want in that dashboard. Is there a cause and effect relationship associated with what’s in the dashboard? Well, often not. What is it we’re actually tracking? That’s why planning, for instance, is a real critical piece...
How Big Data Improves Yields in Agriculture - The agricultural sector is seeing major shifts in its supply chain, roles of different players and power relations between them, and the whole supply chain due to Big Data. Smart sensors and devices powered by the latest technologies like artificial intelligence, the Internet of Things, and Cloud Computing, accumulate massive volumes of data of different types that are revolutionizing the cyber-physical farm management cycle. Big Data is being used to: predicting the best practices in farming operations, supporting operational decision-making processes in real-time, and re-designing business processes to improve business models and develop innovative ones. Here are some of the latest trends in the world of agriculture that are emerging due to Big Data...
How Can eCommerce Businesses Gain From Big Data - An amazing feature about being a writer on eCommerce is that one has to constantly keep on top of the latest concepts and technologies. On more than one occasion, this has led to me following the herd and falling for the hype. I wonder if that can possibly forgive the fact that I have thus far overlooked writing about the application of big data to eCommerce. It is time for me to right this wrong. What Is Big Data? A textbook definition would be much more rigorous, but think of big data this way: every time a user interacts with your website, you collect data. This data could be the kind that is entered in a form or created in the background. Some background data on an eCommerce website could be...
How Can Software Be Robust? - Robust software is software that is able to function correctly in a wide range of situations, even when faced with unexpected inputs or conditions. This can include things like handling errors and unexpected user input, dealing with large data sets, and continuing to function correctly even when faced with hardware or network failures. One of the key principles of robust software design is to anticipate and plan for potential failure points. For example, a robust program will have built-in error handling mechanisms to deal with unexpected inputs or conditions, such as input validation to ensure that a user is entering valid data, or a mechanism for dealing with unexpected exceptions or errors. This helps to ensure that the program can continue to function correctly even when faced with unexpected situations. Another important aspect of robust software is the ability to scale and handle large amounts of data. This can include things like efficient algorithms for processing data, as well as the ability to handle large numbers of concurrent users or requests. In addition, robust software should be able to adapt to different hardware and network configurations, and be able to continue functioning correctly even when faced with hardware or network failures...
How Developers Are Using Machine Learning for Mobile Apps - Conceived in 1959, machine learning entered the mainstream in recent years in combination with predictive analytics and artificial intelligence. Its developer, IBM's Arthur Samuel, had no mobile apps with which to use his concept, but today's programmers do. Increasingly, they leverage machine learning to provide their apps an edge. That edge - the ability to adapt, learn, and improve - lets the application continually develop without needing constant updates from the developer. A mobile app's ability to learn frees its programmers from the requirement of constant development of new releases. It also helps keep mobile apps small. It is impractical to expect a programmer to create code to address every possible scenario since any app that code-heavy would no longer fit on a cell phone or tablet. Machine Learning Defined The technology machine learning lets electronic devices process, analyze and self-actualize data. This learning extends to trend identification, pattern analysis and action implementation to fulfill an objective. One of its key benefits is increased efficiency resulting in updated programming without increased development costs or timeframes. Businesses investing in the use of machine learning are expected to double in the next three years, reaching an uptake of about 64 percent of businesses. Allied Market Research predicts the service market of machine learning will reach $5.537 million by 2023 and grow at a CAGR of 39 percent during the period 2017 to 2023...
How Do Actuaries Use Data Reporting Tools? - Actuaries are professionals who use mathematical and statistical techniques to assess and manage risks. They use data reporting tools to analyze large amounts of data, make informed decisions, and help organizations manage risk. Here are some specific ways actuaries use data reporting tools: Data analysis: Actuaries use data reporting tools to analyze large datasets and identify trends and patterns. They can then use this information to make predictions about future events, such as the likelihood of an accident or the cost of a claim. Risk management: Actuaries use data reporting tools to assess and manage risk. They can model different scenarios and predict the impact of various risks on an organization's finances. Financial reporting: Actuaries use data reporting tools to create reports that communicate complex financial information in a clear and concise way. They can use charts, graphs, and other visualizations to help stakeholders understand the financial health of an organization. Insurance pricing: Actuaries use data reporting tools to help determine insurance premiums. They analyze data on past claims and use statistical models to predict the likelihood of future claims. This information is then used to set premiums that are appropriate for the level of risk. Fraud detection: Actuaries use data reporting tools to identify patterns that may indicate fraud. They can analyze large datasets to identify anomalies and flag suspicious activity...
How Do Operations Analysts Use Performance Management Tools? - Operations analysts are professionals who analyze and improve the performance of an organization's operations. They use various tools and methods to measure, monitor and optimize operational efficiency, quality, customer satisfaction and profitability. Some of the common tools that Operations Analysts use are: Operational Performance Management (OPM) software: These are programs that help track and manage key performance indicators (KPIs), goals, objectives and strategies for different operational areas. They also provide dashboards, reports and alerts to visualize and communicate performance data OKRs: These are Objectives and Key Results, a goal-setting framework that helps align and measure progress across teams and individuals. OKRs help define what needs to be achieved (objectives) and how to measure success (key results) OGSM: This is Objectives, Goals, Strategies and Measures, a strategic planning tool that helps create a clear and concise plan for achieving a vision. OGSM helps define the desired outcomes (objectives), the specific targets (goals), the actions to take (strategies) and the metrics to track (measures)...
How Do You Go About Getting That Final Third of KPIs? - Projects have to be created for them. But naturally you have to estimate the effort that is required to get that data and compare it to the value you will get by having it. Some won’t pass the test. Sometimes you can think of proxies or near-equivalents that you can measure. Sometimes the answer is a customer survey done on a periodic basis. You won’t have 100% coverage or high frequency, but it’s a good estimate that is better than none at all. These challenging ones just have to be worked on one at a time, and gradually you’ll get near the end goal. But don’t feel like you have to get to 100% completion, and realize other KPIs will come up over time as the business evolves. How do you cope with the evolving needs and desires of business KPI dashboard users? It will always be the case that after you get the first dashboards out the door, end users will think of other KPIs that could be tracked. Or people will realize that some of the metrics first decided on are not actually the right ones, as it turns out...
How Do Operations Analysts Use Performance Management Tools? - A defense operations analyst is a professional who analyzes and improves the performance of an organization's defense operations. They use various tools and methods to measure, monitor and optimize operational efficiency, quality, security and effectiveness. Some of the common tools that defense Operations Analysts use are: DOD Performance Management and Appraisal Program (DPMAP): This is a performance management system that covers the majority of DOD employees. DPMAP uses a process for planning, monitoring, evaluating and recognizing employee performance while linking individual employee performance to organizational goals Data Analytics: This is a cross-cutting analysis of DOD acquisition by commodity type, contract, contractor, contractor incentive, portfolio and individual program using data mining principles, analytic tools, data scientists and functional subject matter experts DCIPS Performance Management: This is a performance management process that uses six performance elements for DCIPS employees: Accountability for Results, Communication, Critical Thinking, Engagement and Collaboration, Personal Leadership and Integrity, Technical Expertise...
How Does a Company Manage the Performance of a Call Center? - Managing the performance of a call center involves a combination of strategies, processes, and tools to ensure operational efficiency, agent productivity, and customer satisfaction. Here are some key steps and approaches that a company can take to effectively manage the performance of a call center: Define Clear Objectives: Set specific and measurable performance objectives aligned with the company's overall goals. These objectives may include targets for key performance indicators (KPIs) such as AHT, FCR, SLA compliance, CSAT, etc. Implement Performance Management Systems: Deploy robust call center management software or performance management systems that capture and analyze data related to call center operations and agent performance. These systems help track KPIs, generate reports, and provide insights for decision-making. Set Performance Targets: Establish realistic and challenging performance targets for individual agents, teams, and the call center as a whole. Clear targets provide a benchmark for performance evaluation and help drive continuous improvement efforts. Monitor Performance in Real-Time: Utilize real-time monitoring tools to track call center activities, agent performance, and adherence to service level targets. Supervisors and managers can identify issues promptly and take immediate corrective actions if necessary...
How Does a Legacy System Affect the Process of Setting Up Machine Learning Solution? - One last question which is probably on the minds of many of our listeners is how does a legacy system affect the process of setting up machine learning solutions? That's a question that I get a lot from our installed base. InetSoft's has chosen the a route of making all machine learning solutions technically available as add-on services running either on premise or in the cloud. With our API and multiple integration points, we're able to enable a rigorous integration of machine learning capabilities into existing architectures without the need to be on the fully latest version number of every single product. I think this is something that all customers look for and appreciate because it helps them drive business value today while also embarking on longer term harmonization and then making an upgrade journey in parallel. So now I'd like to just reiterate a few of the main points as we bring this webinar to a conclusion. Artificial intelligence is enabling us to develop intelligent machines that are helping to enhance our human capabilities and further enabling enterprises to succeed. What we've seen in all the examples today is how machine learning has allowed businesses to reimagine their business processes and to reimagine all the applications of ML...
How To Avoid Making Common Mistakes When Measuring Performance - What we’re going to cover is first of all how to avoid making common mistakes when measuring performance. I’ve seen a lot of organizations develop their scorecards or dashboards, or whatever they call them, and there are some very common mistakes. We’re going to go over those and probably all of you will find you’re doing at least one or two of them, so I apologize in advance for that. I’m going to talk about how to develop indicators or analytic measures that give you a way to still have a reasonable number gauges or metrics that you look at and have a lot of intelligence behind them by being able to drill down and give you some ideas on how to measure difficult aspects of performance, like customer satisfaction and employee satisfaction. Finally, I’ll show you how to drill this all the way down to the employee level where the work gets done so you can actually improve performance rather than just looking at reports. The first thing to understand is that I don’t care how good your scorecard is or the kind of data that you’re collecting. Whether it’s financial or some other type of data, you need to supplement the statistics with other types of data: observational data, asking questions of people, having periodic studies done like audits and evaluations and finally, tracking the stuff that you look at daily, weekly, monthly that makes up your scorecard...
How to Create a Scorecard - First and foremost, to be a useful, a scorecard must track the right key performance indicators. The ultimate goal of creating a scorecard is to identify a select number of business metrics and assign objectives to them. When referred to later on it should be possible to reach a solid conclusion regarding performance versus expectations. Methods for creating a scorecard have evolved many times since they became a popular BI tool. Today there are four main components to consider before creating one: